Say “No” to Bitcoin, Support Money Trade Coin & Conserve Energy to Preserve Future

                                                                                            

Energy has been depicted as a basic need in human life. Technological evolution resulted in producing various advance machines that consume a lot of energy, leading to energy shortage and an eventual energy crisis, one of the best examples of this process is Bitcoin Mining.

Reason For The Entire Buzz in Bitcoin Trading:

Bitcoin is not just making headlines for constant upward trajectory but is also in a buzz for its excelling energy consumption. In the period of just one-month, Bitcoin power consumption value increased by 30 percent, according to the Digiconomists. Numerous leading news portals have highlighted the adverse consequences of increasing rate of bitcoin mining process.

High Energy Consumption Leading to Energy Outrage:

Bitcoin mining requires high computational power that nearly equals to 29.05 TWh (terawatt, hours) annually, which is more than consumption of 159 individual countries in the world and comes around 0.13 percent of total global energy consumption. The ascending graph of Bitcoin price is giving way to an increase in energy consumption that is used to mine more Bitcoins. It is predicted that if the rate of Bitcoin mining increases at the same pace, it will consume the entire global energy to the fullest extent by mid-2020.

Money Trade Coin, A Much Better Option:

On the other hand, Money Trade Coin mining makes use of the autonomous mining process at lower cost with quicker time and minimal energy. This latest technology is made to reduce the consumption of energy and helps to conserve energy globally. With an understanding of its corporate environmental responsibility, Money Trade Coins abstain from damaging the environment and contribute in preventing the world from the future energy crisis.

Support Money Trade Coin to cherish the earth through Energy Conservation.

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What is Peer to Peer network and how does it work in cryptocurrency?

Today’s cryptocurrency lesson is a little technical and thus a little complicated. It deals with the fundamental way in which cryptocurrencies like Bitcoin and Money Trade Coin are distributed, publicly validated and exchanged. 

It’s called Peer to Peer networking, or P2P networking in short. 

It’s a term you might have come across before. P2P file sharing networks were once extremely popular (and are still so, relatively speaking). By connecting to a network of users just like you across the world, you could share files with anyone and with the help of everyone. Unfortunately, this was largely used to pirate music and films, but it’s birth was in settings were large computation processes could have its workload shared among a large number of users, thereby making the workload of each individual user lighter. 

It’s like working as a team for the benefit of everyone. But with one important distinction: you don’t need an intermediary.

Let’s take the example of file sharing again. You could just download it from a server dedicated towards the goal. But then that server would have to serve many hundreds of thousands of users, single-handedly handling the entire burden of distribution all by itself. Furthermore, the resource is only accessible to that server and not publicly available. Without it, the whole system stops functioning and the information in question is unavailable.

This general idea applies to cryptocurrency.

Satoshi Nakamoto, the yet-unknown creator of Bitcoin, used the blockchain technology to solve the double spending problem without a central authority to perform checks. We won’t go into those technical details here. 

Now, Nakamoto used this idea of P2P networking - where all financial recordings and processing happened on equal terms with users on the network - to solve the problem of centralization. He, as he himself mentioned, design ‘A Peer-to-Peer electronic cash system’.

The P2P network is critical to solving that double spending problem we talked about before. In any economy, there must be a way to track that a certain amount of money has not been transacted twice. Traditionally, it is a central server that checks and records the balances of entities making transactions, ensuring that no entity repeats the same transaction. 

With cryptocurrency, everyone on the blockchain network must agree for a transaction to take place, thus the burden of checking the balance is distributed among all users. An anomaly cannot occur because it would break the network. Every peer on the network has a record of all transactions that have taken place, and all balances, on the public ledger, thus making it impossible to fool the system.

And that’s how the decentralization problem was solved by Satoshi Nakamoto.

Hopefully, having read this, you’re a little more educated on cryptocurrency. We recommend reading up on this if it interests you. It helps to know about the intricacies of cryptocurrency and the important distinctions between individual currencies. Visit the Money Trade Coin blog to hear more of the fundamentals and interesting facts about the cryptocurrency world!

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Opportunities don't happen, you create them.

Opportunities don't happen, you create them. 

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How is Cryptocurrency valued?

It’s a complicated matter to evaluate the value of a cryptocurrency. Unlike traditional currency - say, the US dollar - the value of a digital currency like the Bitcoin is determined by a number of factors.

The reason the US dollar has a particular value is that it is the only monetary form that the US government accepts. This intrinsic value it possesses, along with the public’s acceptance of it as the form of commercial transaction, gives the value we know it to have.

With cryptocurrency, it’s different. It has to do a lot with perception, for one thing. We’ll dive into the different aspects of how the value of cryptocurrency is determined.

One major element in determining value is the features present in the cryptocurrency. Bitcoin has no intrinsic value. It has no genuine use-cases. In other words, if Bitcoins were to disappear, the economy could still function, though we would lose all of its advantages. This is in fact how the world has been operating for centuries.

However, Bitcoins do provide a great deal of security, and other features like lowered transaction costs and instant payment. The use of public ledgers also give it great social value and this thus raises its perceived value.

Let’s also look at the case of Ripple, another cryptocurrency. This currency has value to banks as it operates in such a way that it pays for all the middle men’s work in financial processes. It can be used to pay for the “back-end” financial work. Indeed, it has, and numerous banks across the world have already begun to use it in this manner.

Application value is important as well. We can use paper money for everything, but this is not true for the cryptocurrency. Until and unless digital currencies can hit mainstream usage, their intrinsic value will always be less than that of traditional money. Remember, the value is different from price. Bitcoin’s high price per coin is not the same as having high value.

Supply and demand also factor into a valuation. Ripple has a large number of pre-mined coins, but the value of each coin is extremely low by comparison. That doesn’t mean the value of the coin is low, however.

In a nutshell, the question of value can be determined by the following question: can the cryptocurrency in question conduct and function better in all use cases that traditional money does? As it ticks off more and more of the checkboxes falling under this question, its value increases. The rise of Ethereum is partly because it does some things relating to this that Bitcoin does not. The same goes for Ripple.

To run off a quick list, the following criteria may determine value: Supply and demand, investors and investment, public perception, government and financial institution acceptance, fraudulent activity, the blockchain system and innovation.

It is a delicate process, valuing a cryptocurrency when the technology is only in the early stages. Money Trade Coin will help you sift through all the complicated information so you can make an informed decision about how to invest in cryptocurrency.

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